The increasing pressure on India-based crypto exchanges has seen another victim, in the form of Coinome.
It has been a tough year for cryptocurrency exchanges in India after a clampdown on cryptocurrency was issued by India’s government. This has already seen the central bank of India implement a ban on crypto dealings last year. Naturally, this has had serious consequences for the exchange platforms already, with it seeming more and more likely that crypto will soon be completed banned in the country.
Several exchanges have already been forced to close, and now the latest one seems to be Coinome. Who announced on Twitter that “All crypto markets on Coinome will be suspended, effective 2pm on May 15th, 2019. Customers are requested to withdraw all their crypto assets from Coinome at the earliest.”
While they didn’t cite a specific reason, it is highly likely that there is a direct connection. A leaked email sent out to their users seemed to indicate this. It stated “India is currently going through uncertainty on crypto guidelines and regulations. The government of India has not yet taken a decision on the regulatory framework for crypto exchanges or wallets. Further, the supreme court is yet to act upon the public interest litigation (PIL) on (the) regulation of crypto assets.”
Coinome’s demise is of particular interest, as it was one crypto exchange that seemingly well-protected. This is thanks to its association with online payment gateway company, Billdesk. A company connected with major investment banks in the country and company are a participant of the Payments and Settlements Systems Act 2007, through its parent company.
So, what’s next for Coinome?
Well, while India’s crypto future remains murky it is unlikely a resurgence there will be possible. This is not to say they are dead and gone completely though. They could easily take a leaf out of Zebpay’s book and set up new markets in new territories. The fellow former India-based exchange, who closed its doors there last year, announced earlier this week that they had set-up a new operation in Australia
After the reveal of three separate promotions this time last week, CoinEX are back again with a brand-new promotion that allows users to borrow their first trade free of charge for 30 days. Now in its second month of existence, CoinEx’s margin trading service has been quite a hit amongst users and with new updates […]
In 10 days, Exmo will be offering the latest token on their platform for trading, ROOBEE. In anticipation of this, they have released important details for traders who are looking to take advantage of the new listing early on. What is most unique about this latest listing is that it will coincide with the listing […]
Following the acquisition of Xapo, a bitcoin wallet and cold storage location, Coinbase Custody is now the world’s largest crypto custodian. After the completion of the deal, Coinbase Custody officially surpassed $7 billion in assets, which saw them reach the highest volume of assets in the business. Officially making them the most popular choice for […]
EXMO has made new changes to the minimum withdrawals of bitcoin from their platform. The platform informed users on Tuesday, 13th August, that the limit would come into immediate effect. With the new limit for withdrawals being set at 0.002 BTC, which sees a decrease by 5 times. Users have been told to consider this […]
Ethfinex has announced that it is set to close down its existing operations in order to rebrand itself under the title, De-fi. The news was announced via a blog post where it described the plan as its “biggest milestone yet.” The aim of the rebrand is to move towards a more decentralised exchange platform. Feeling […]
Monday saw the launch of CoinEx’s new options trading service. We took a look at what it promises users of the service. Following the launch of their accelerator programs, futures trading and margin trading on their platform, CoinEx latest new options trading service is the latest in the line of new products from the platform. But, […]
CEX.io have confirmed that new tokens will be available for trading on their platform, ONT and ONG, both of which are part of the Ontology Project, a public blockchain protocol with high performance. While part of the same project, the two coins are unique in their purpose and function. ONG operates as a utility token […]
KuCoin has released news of their second new listing in a week, Enecuum. Following the listing of the security firm Fortnoxer’s token last week, KuCoin has followed it up directly with the release of Enecuum for trading on their platform. While Enecum may have had a lower profile than its predecessor, following a private sale […]